Phase 2 of this pattern will be for the U.S. to take action that will spark an even larger run to GOLD. That's how it's been for ten years. That's how it will continue to be as the debt crisis deepens.
You'll notice that debasement fears are hammering one currency after another. The euro. The dollar. The Swiss Franc. The yuan. But never gold. People have begun figuring that out over the last ten years, although most still haven't.
On that basis, (and for other reasons), I'm confident that gold will go a lot higher in the coming years. Countries are just paying their credit card bills with other credit cards. That can't go on forever. Today's little selloff will be short-lived.
Sept. 12, 2011, 10:27 a.m. EDT
Gold tumbles as Europe fears spark run to cash
By Laura Mandaro and Virginia Harrison, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures fell Monday, adding to losses as concerns about French banks sparked a stock selloff, putting pressure on investors to sell other assets to cover their losses.
“Gold sell stops are being placed as asset managers need to raise cash to stem portfolio losses,” said George Gero, vice president in global futures at RBC Capital Markets, in emailed comments.
Gold for December delivery fell $27.5, or 1.5%, to $1,831 an ounce on the Comex division of the New York Mercantile Exchange.
Full story: http://www.marketwatch.com/story/gold-futures-lower-as-dollar-strengthens-2011-09-11?link=MW_home_latest_news
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